GCash, the Philippines-based digital wallet, has introduced crypto trading services. Martha Sazon, the CEO and President of GCash, announced that the firm is looking at offering users the ability to buy, sell and store cryptocurrencies like Bitcoin (BTC) on its platform.
It has been reported that Sazon said GCash is exploring cryptocurrency trading in order to keep up with financial innovation.
“While we may be considered a disruptor now, it is important in this digital age that we should be mindful of all types of disruptions out there. It’s important to know what the trends are, whether locally and globally and crypto is part of that.”
However, Sazon said that firm is looking at potential integration options and related partnerships, through which it could introduce crypto trading.
“Just like in any introductions, you need a platform, a working business model, a partner, so as soon as those are satisfied, perhaps.”
Likewise, according to Sazon, GCash is one of the most popular electronic wallet platforms in the Philippines, with at least 40% of Filipinos having a GCash account. The platform is operated by financial services company Mynt, a subsidiary of Globe Telecom, which operates the largest mobile network in the Philippines.
A Philippine e-wallet platform wants to become the new PayPal. GCash, the famous payment app in Asia, is considering a move into crypto, as its competitor already did. https://t.co/zcfHiyB3f9 (Reporting via @coindanslecoin) — Cointelegraph (@Cointelegraph) June 4, 2021
The firm’s potential move into the cryptocurrency industry follows significant growth on the platform, with GCash’s user base spiking over 20% from 33 million to 40 million customers in February.
Thus, she further said:
“We will continue to innovate and provide relevant and accessible financial services for all.”